Four GCC states have pledged a combined total of $12.5bn in funding to support Egypt’s economic recovery and to promote regional stability.

The governments of Kuwait, Saudi Arabia and UAE each pledged to invest $4bn into the Egyptian economy at the Egypt Economic Development Conference in Sharm el-Sheikh. Oman has pledged $500m of support.

The pledges were announced during the opening session of Cairo’s Egypt Economic Development Summit, held on13-15 March in Sharm el Sheikh.

Following the opening speech by Egypt’s President Abdel Fattah al-Sisi, Kuwait’s Emir Al-Ahmad al-Jaber al-Sabah was the first to pledge direct investment of $4bn to the Egyptian economy.

Unique opportunity

Al-Sabah was then followed by Saudi Arabia’s Crown Prince Muqrin bin Abdulaziz, who pledged that Riyadh would also provide $4bn of funding to Cairo. Sheikh Mohammed bin Rashid al-Maktoum, ruler of Dubai and Vice President of UAE, then said that the UAE would match the $4bn.

Speaking at the event in Sharm al-Sheikh on 13 March, Al-Sabah said that Egypt offered “unique opportunities” for investment, and praised the efforts of Egypt’s President Al-Sisi to make Egypt “stable and secure”.

Al-Sabah also praised Al-Sisi’s governments efforts in creating an attract investment climate. The Kuwaiti Emir said that recently ratified investment law was a “testament to these efforts”.

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